Bcash is promoted as the real vision of Satoshi and the real Bitcoin. This post will be short because I wrote on this subject already HERE, HERE and HERE. I will just describe two cases that recently catched my eye and made me angry because many newbies will be mislead and buy a useless coin.
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You can’t count 0 confirmation transactions as a spend according to Satoshi
Bcash is working on 0 confirmation transactions, it is one of their biggest innovations (rejected in BTC for security reasons btw a few years ago). This means that you don’t have to wait for a transaction to be confirmed, so a payment will be instant. However, this comes with a big tradeoff, it will be at the cost of security. As you can see, Satoshi would not agree on this development of Bcash:
0 confirmation transactions are obviously NOT Satoshi's vision!
This is hilarious, because ‘Satoshi’s vision’ is always the selling point of Bcash, even their conference is given this name……
A recent tweet from Roger is proof of his technical incompetence
Roger Ver tweeted this:
Speaking about technical incompetence..........
There are two things I want to say about this: Firstly, when you use old Bitcoin software from the time that Satoshi was still around and led the project and you synchronize to the blockchain, you will be synchronized to the BTC blockchain and BCH will not be compatible, so not visible. What do you think is the real Bitcoin?
Furthermore, Satoshi left the Bitcoin project to the community to evolve through consensus that HE build into the system himself. Consensus means that a majority of the community votes by running certain software. The community decided that Segwit should be implemented (huge majority) and less than 5% voted for the Bcash hardfork. The Segwit upgrade passed and the Bcash upgrade failed according to SATOSHI’S VISION. Bcash is a failed upgrade!
Conclusion:
Bcash itself is not a scam, it is just an old version of BTC with many additional risks. The way it is promoted IS a scam, because new users of cryptocurrency will be mislead, make wrong investment decisions and lose money or get confused. This scam is at a bigger scale than Bitconnect and thus worse for the community. Despite the fact I hope the bear market is almost over, it should be good for the industry overall when it rages on for a while and washes out the Bcash scam too.
Disclaimer
This is no financial advice, just my view on the market.
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